Can One Have Multiple Life Insurance Policies?

  1. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    Yes, you can have any number of life insurance policies as you wish, as long as you are financially qualified for the sum total of coverage. Having a variety of policies is not uncommon, as some types of life insurance suit some needs better than others. E.g. Term insurance is used for temporary needs while Whole life is better for permanent needs.
    Answered on October 10, 2013
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  2. 2180 POINTS
    Kelly Moser
    Social Media Strategist, Disability Insurance Services, California
    Yes, you can have multiple policies. Life insurance, just like disability insurance, has issue and participation limits that determine the maximum amount that you can be insured for (basically what you're valued at, based on your earning potential). For example, if you have group insurance at work, but they only insure you for so much, you can get the remaining coverage privately.
    Answered on October 10, 2013
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